Forum Post: Corporate Welfare: Chiquita Bananas gets $22.7 million welfare package from Charlotte NC
Posted 12 years ago on Dec. 2, 2011, 4:50 p.m. EST by Socrates469bc
(608)
from New York, NY
This content is user submitted and not an official statement
From: Cincinnati Enquirer
Chiquita Brands International Inc. decided to leave Cincinnati for many reasons, but the biggest one is undeniable: Money [ie. corporate welfare.]
Lured by the promise of big savings, better air service to Europe and Latin America and a more diverse workforce, Chiquita announced Tuesday that it plans to leave Cincinnati, site of its home office of 24 years, for Charlotte, N.C.
North Carolina offered a package of grants and tax incentives potentially worth $22.7 million over 11 years, enticing the relocation of the world's largest banana seller.
A lot of companies are moving out of Illinois as well.
Illinois raised their corporate tax while its two neighboring states lowered their corporate and personal tax rates.
We need to have uniform taxation across the states. Get rid of state governments.
Same thing is happening in IL. Sears Holding Co. has been in Naperville since like the beginning of time. But now other states have come in and are offering huge incentives to get the company to move there. It's a pure free market; the company will go where it gets the sweetest deal. I'm eagerly awaiting the outcome of this just to see what state wins and what they had to offer to get them.
I wish Indiana would get into this game. I would love it if they could offer a package big enough to CAT to come here from IL too.
Did you also see where the average salary will be 107,000 per year.
Yes I saw that, but "the average salary includes Aguirre's [the CEO's] compensation, which in 2010 was valued at $5.6 million." They only have 330 employees at their HQ.
While the average salary may be $107K, I don't think the median salary is anywhere close to $107K.
But that includes the CEO salary of $5.6 million.
Is welfare the right word to use? It's not like Chiquita is taking the money and not giving anything back in return.